Third-party Banking Software Global Market Report 2022: Rapid Development in the BFSI Sector Driving Growth
Global Third-party Banking Software Market
Dublin, Oct. 07, 2022 (GLOBE NEWSWIRE) — The “Third-party Banking Software Market Size, Share & Trends Analysis Report by Product Type, by Deployment (On-premise, Cloud), by Application, by End-use (Retail Banks, Commercial Banks), by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global third-party banking software market size is expected to reach USD 47.90 billion by 2030, growing at a CAGR of 7.9% from 2022 to 2030, according to this study conducted. The growing prevalence of online banking solutions worldwide to improve customer experience is anticipated to drive the industry expansion. In addition, the rapid shift from paper-based legacy methods to digitized and advanced methods for process standardization is also acting as fuel to the growth.
The strategic partnerships and acquisitions by prominent market players to overcome the problems in the ecosystem, such as reducing the overall risk and enhancement of product offerings, are expected to accentuate the growth.
For instance, in June 2022, Kamakura Corporation, situated in the U.S., was bought by SAS Institute, Inc., a global leader in Artificial Intelligence (AI) and analytics. Kamakura Corporation offers specialist software, information, and consultancy to assist financial businesses across the board. The acquisition was an expansion of the already made significant investments in SAS Institute, Inc.’s integrated solutions, and cloud-ready risk management platform.
Moreover, the rapid development in the Banking, Financial Services, and Insurance (BFSI) sector is expected to increase the need for third-party banking software. For instance, in June 2022, the Bank of England granted a full banking license to Kroo, a U.K.-based digital bank. This license has enabled Kroo to offer overdrafts, savings, and loan products in addition to the existing services to its customers.
The outbreak of the COVID-19 pandemic is expected to play a vital role in driving the growth of the third-party banking software market over the forecast period. In the wake of the pandemic, the rising awareness of e-banking and its applications is expected to create opportunities for the market. In line with this, the snowballing of digital payment platforms is expected to raise the demand for third-party banking software hence, fueling the market growth.
Third-party Banking Software Market Report Highlights
- The wealth management software segment is expected to witness the fastest growth over the forecast period. The rising awareness of managing finances and wealth creation among millennials and Genz is one of the major attributes of the growth
- The cloud segment is expected to witness the fastest growth over the forecast period. The growth is attributable to several advantages offered by the cloud, such as reduced infrastructure costs and improved flexibility
- The risk management segment dominated the market in 2021. This dominance is attributable to the fact that banks and financial institutions are continuously looking for ways to mitigate losses and increase profitability
- The commercial banks segment is expected to grow at the fastest rate. The implementation of strict regulatory compliance by commercial banks to save consumers’ interest is expected to increase the need for the deployment of more secure third-party banking software
- North America dominated the market over the forecast period. This growth is attributable to the presence of some of the largest players in the region such as International Business Machines Corporation and Microsoft Corporation
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Third-party Banking Software Industry Outlook
Chapter 4 Investment Landscape Analysis
Chapter 5 FinTech Industry Highlights
Chapter 6 Third-party Banking Software Product Type Outlook
Chapter 7 Third-party Banking Software Deployment Outlook
Chapter 8 Third-party Banking Software Application Outlook
Chapter 9 Third-party Banking Software End-Use Outlook
Chapter 10 Third-party Banking Software Regional Outlook
Chapter 11 Competitive Analysis
Chapter 12 Competitive Landscape
Companies Mentioned
- Microsoft Corporation
- International Business Machines (IBM) Corporation
- Oracle Corporation
- SAP SE
- Tata Consultancy Services (TCS)
- Infosys Ltd.
- Capgemini SE
- Accenture plc
- FIS, Inc.
- Fiserv, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/x5rxg6
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